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What is exempt property in a Chapter 7 bankruptcy?

On Behalf of | Mar 3, 2020 | Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a legal resource that can help struggling consumers enjoy debt relief. Chapter 7 bankruptcy is a liquidation bankruptcy option that allows struggling consumers to liquidate non-exempt assets to repay creditors and enjoy a fresh financial start.

Struggling consumers who are considering Chapter 7 bankruptcy may worry about what the process entails. As a result, they should be familiar with bankruptcy exemptions which provide important protections to filing parties. While Chapter 7 bankruptcy is intended to provide a fresh financial start, it is not intended to cause struggling consumers to start from scratch. Property exemptions protect certain types of property during the Chapter 7 bankruptcy process.

Chapter 7 property exemptions can include car exemptions for a certain amount of value in a vehicle; reasonably necessary household furnishings; household appliances; reasonably necessary clothing; jewelry subject to certain limits; pensions; the filing party’s tools of the trade; personal injury awards; earned but unpaid wages; public benefits; and a certain amount of equity in the filing party’s home which is commonly referred to as the homestead exemption. There may also be a wild card exemption available in some instances for certain categories of property not specified or for property in excess of certain property category limits.

Specifics of exemptions available can vary by state so struggling consumers considering personal bankruptcy protection should be familiar with the laws where they live. Personal bankruptcy protection is an important resource for struggling consumers to be aware of and to understand how it can help them enjoy a debt free future free of the worry associated with overwhelming debt.

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.